Global Financial Strategy

Search the site   >>Advanced search
First for financial regulatory news and views
HOME   |   REGISTER   |   SUBSCRIBE   |   NEWS   |   ANALYSIS   |   INTERVIEWS & FEATURES   |   EVENTS   |   MUTTERS   |   JOBS   |   MY ACCOUNT
EUROPE   |    US & CANADA   |    ASIA PACIFIC   |    MIDDLE EAST & AFRICA   |    LATIN AMERICA & CARIBBEAN   |    OFFSHORE   |    SINGAPORE   |    HONG KONG
TRADING   |    CASINO MARKET   |    BANKING   |    INSURANCE   |    FINANCIAL REPORTING   |    TAXATION   |    MACROECONOMIC   |    PROFILES   |   CONTACT   |   
  • MF Global spoke of 'strong' finances
  • EC: No corp gov powers for ESAs
  • FSA appoints senior investment bank adviser
  • GFS has now closed
  • Czechs join UK on fiscal compact sidelines
  • Davos stalemate on EU's IMF funds
  • Tucker: Resolution regime 'top priority'
  • Saudi Arabia increases central bank role
  • FSB urges Canada for one securities regulator
  • CFTC set for committee to scrutinise HFT
  • Fitch downgrades Belgian banks
  • What corruption really costs
  • UK FSA pushes for Mifid II rethink on OTCs
  • Shanghai boosts global financial status
  • Canada aligns credit rating rules with EU
  • Bowles blasts lack of women at ECB
  • Sarkozy to introduce French FTT in August
  • Barnier warns on further bonus reforms
GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed
You must be logged in to use this function.


S&P; admits blunder over RBS warning

Monday 7 March 2011 – by Andrew Hickley

Standard & Poor’s has admitted a series of “administrative errors” left a €1bn ($1.4bn) Royal Bank of Scotland fund on the brink of being downgraded for over a year and a half.

The credit rating agency came clean today that RBS’s €1bn BBB-rated 4.625 per cent fixed-to-floating rate of subordinated notes was wrongly put on credit watch with negative implications on 4 August 2009.

Despite identifying the blunder on 15 September 2010, S&P; then committed a further “administrative error” by leaving the fund on credit watch for another six months.

In a statement issued on Monday the credit rating agency said: “We have today rectified the errors by removing the issue from CreditWatch. The issue rating is unchanged at BBB.”

A phone call to S&P; on the matter has yet to be returned.

Related articles:
Stage set for catfight between Warren and Republicans
EU share trading review risks disruption
In brief: Rehn calls on EU to follow Germany
Barclays faces £68m breaches payout
Norway warns of weakened Basel III



WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.
Login Register Most read Most commented
Username

Password

>> Forgotten your password?
>> Sign Up  

GFS is pleased to offer you a two-week free trial. You will receive a daily email bulletin of the latest regulatory news and analysis and a weekly email round-up. Please complete the free trial form. You will also receive full access to our online site.

EDITOR’S CHOICE

  • Diamond warns against ‘Balkanisation’
  • ABI: UK insurers must keep EU links
  • EU Parliament site hit by hacktivists
  • George Soros: New year, same crisis
  • FSB: Swiss regulator needs more teeth
  • OCC: Deriv fears are an overreaction
  • ‘Major wave’ of Solvency II drafts in May
  • IMF paper urges Aus bank capital boost
  • BoE: Limit bonuses to boost bank capital
  • 2012 vision: Increased regulatory exposure looms
  • Barnier offers hope to NYSE/Boerse
  • Esma rushes short selling consultation
  • Bowles re-elected as Econ chair
  • Hoogervorst hints at accounting slowdown
  • Asia in the year of the dragon
  • Barnier: FTT will not be forced on UK
INTERVIEWS & FEATURES

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don’t know

View results

FIND A REGION world regions
 
Global Financial Strategy - [email protected] | Home | Legal | Contact design by SDV